The crypto market is buzzing with excitement as the total market cap skyrockets by 4.8% in just 24 hours, hitting a whopping $2.26 trillion! Bitcoin, the king of crypto, is riding high, with its price soaring to an impressive $64,961. This surge came after Bitcoin’s crash risk due to Mt. Gox repayments significantly decreased by nearly 75%, according to Arkham Intelligence.
The fallen exchange, which started repaying creditors in July, has distributed 109K BTC, reducing its wallet holdings to less than 25%. This reduction means there’s now less fear of a Bitcoin market crash triggered by Mt. Gox-related liquidations.
This recent surge also follows statements from FED chair Jerome Powell, as well as changes in the U.S. political landscape.
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Mt. Gox Wallet Holdings Plummet
According to Arkham Intelligence data, the value of BTC was at its peak in March 2024, Mt. Gox’s wallet held around 141.69K BTC, valued at over $10 billion. Now, it holds just 32.9K BTC worth $2.11 billion. Importantly, creditors have not yet sold their BTC holdings, likely due to the ongoing bullish market conditions.
Market Sentiment Turns Bullish
Experts agree that the path to $100,000 for Bitcoin is now clearer, with the US government’s Bitcoin selloff being the last major crash risk. Despite market selloffs triggered by the German and US governments, as well as Mt. Gox’s repayments, crypto market bulls have shown resilience. Since July, Mt. Gox has distributed approximately 110,000 BTC, or $6.6 billion, to creditors—a significant achievement considering Bitcoin’s recent price fluctuations below $60,000.
Moreover, US spot Bitcoin ETFs also recorded net inflows of $252 million on Friday, bringing the weekly total to $506.4 million. This seven-day streak of inflows into Bitcoin ETFs supports predictions of a major BTC rally this year.
Golden Cross: A Signal for the Bull Market
Adding to the positive outlook, the “Golden Cross” pattern, where the 50-day moving average crosses above the 200-day moving average, is expected soon, signalling the potential for a long-term bull market.
These recent events are crucial for both Bitcoin investors and the broader cryptocurrency market, as Mt Gox’s actions could have a significant impact on market trends and investor sentiment.
Is this the beginning of a new bull run? Let us know your predictions.